May 6, 2013 / 8:31 PM / in 5 years

UPDATE 1-Angola's Dos Santos replaces finance, construction ministers

* Economy secretary Manuel promoted to finance minister

* Manuel also heads $5 bln sovereign wealth fund (Adds details on new ministers)

LISBON, May 6 (Reuters) - President Jose Eduardo dos Santos replaced his finance and construction ministers on Monday in the first cabinet re-shuffle since he led his MPLA party to victory in Angolan elections last August.

Armando Manuel, who had served as secretary for economic affairs, replaces Carlos Alberto Lopes as finance minister of Africa’s No. 2 oil producer, the presidency said a statement without giving reasons for the re-shuffle.

Manuel is the chairman of the board of Angola’s sovereign wealth fund, which was launched in October with an initial endowment of $5 billion to invest in projects to diversify the oil-dependent economy.

It is not known whether he will remain on the three-person board, which also includes one of Dos Santos’s sons.

Lopes had been finance minister since February 2010, a period during which Angola successfully completed a loan programme from the International Monetary Fund and returned to rapid growth after a downturn caused by a fall in oil prices in 2008.

The presidency statement said Waldemar Pires Alexandre would replace Fernando Fonseca as Construction Minister. The sector has expanded rapidly as Angola rebuilds its infrastructure following the end 11 years ago of a long civil war. (Reporting by Shrikesh Laxmidas; Editing by Michael Roddy)

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